Home Markets Asia markets poised for mixed open ahead of Tokyo inflation data, Bank of Japan December meeting minutes – NBC Boston

Asia markets poised for mixed open ahead of Tokyo inflation data, Bank of Japan December meeting minutes – NBC Boston

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This is CNBC’s live blog covering Asia-Pacific markets.

Asia-Pacific markets were set for a mixed open, after strong economic growth data out of the U.S. and indications of cooling inflation pushed the S&P500 to fresh all-time highs.

Gross domestic product data showed the U.S. economy grew at 3.3% in the fourth quarter, compared with expectations of 2% from economists polled by Dow Jones.

The U.S.’ personal consumption expenditures price index, excluding food and energy, climbed 2% in the final quarter of 2023, while headline inflation rose 1.7%.

In Australia, the S&P/ASX 200 climbed 0.48% and was on pace to extend its winning streak to a sixth days.

Japan’s Nikkei 225 was set to fall ahead of its January inflation reading from Tokyo — widely considered to be a leading indicator for nationwide inflation.

The Nikkei futures contract in Chicago was at 36,000, and its counterpart in Osaka at 36,050, against the index’s last close of 36,236.47.

Investors will also be watching out for minutes of the Bank of Japan’s final meeting of 2023.

Separately, futures for Hong Kong’s Hang Seng index stood at 16,079, pointing to a weaker open compared with the HSI’s close of 16,211.96.

Overnight in the U.S., all three major indexes gained, with the S&P500 index advancing 0.53% to reach a record high of 4,894.16, notching a six-day winning streak.

The Dow Jones Industrial Average added 0.64%, while, the Nasdaq Composite rose 0.18%, weighed down by a post-earnings tumble in Tesla shares.

— CNBC’s Alex Harring and Brian Evans contributed to this report

U.S. GDP grows at much faster-than-expected pace

The U.S. economy expanded by 3.3% in the fourth quarter, easily surpassing expectations. Economists polled by Dow Jones had forecast the economy grew by 2% in the fourth quarter.

The report also included encouraging data on the inflation front. The price index for personal consumption expenditures rose 2.7% on an annualized basis, down from 5.9% a year prior. Core PCE increased by 3.2%, down from 5.1%.

The report comes as investors look ahead to possible Federal Reserve rate cuts later this year.

— Fred Imbert

U.S. crude breaks above $76 on strong economic growth, China stimulus

Oil prices rallied on Thursday as demand expectations rose on strong U.S. economic growth and China stimulus, while supply tightened after winter storms hit crude production.

The West Texas Intermediate contract for March rose $1.22, or 1.62%, to trade at $76.31 a barrel. The Brent March contract gained $1.21, or 1.51%, to trade at $81.25 a barrel.

U.S. crude remaining above $76 a barrel would indicate a breakout that confirms oil’s immediate trend has moved to the upside, according to Matt Maley, chief market strategist with Miller Tabak.

This would be also a good sign for energy stocks which have lagged crude prices since mid-December, Maley said. If crude oil confirms a change in trend, energy stocks will have to play catch up, he told CNBC.

— Spencer Kimball

Tesla in 2024 is approaching, and in some cases exceeding, solar stocks’ losses

Tesla (-26.5%) has already lost more value in 2024 than Boeing (-23%), quite an impressive feat.

Now the EV maker is competing with washed out solar energy stocks to register some of the largest declines early in the new year.

For the time being, Sunnova Energy (-31.3% in 2024) and Sunrun (-27%) have declined more than Tesla so far this year. But Tesla now surpasses the declines in both SolarEdge Technologies (-25.3%) and Enphase Energy (-19.6%).

— Scott Schnipper

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